Milam TowerLas Vegas high rise condos Friday made a $40 million Las Vegas real estate option payment. Christopher Milam, Texas businessman, has designed a 1,888 foot luxury hotel condo tower on the land of the retired Wet ‘n Wild real estate next to the Sahara casino on the Strip.

Christopher Milam, Austin, Texas real estate developer of IDM Properties, is controlling the 27 acres of land option after the $40 million payment to Archon Corp. The very tall 142 story tower still needs a Federal Aviation Administration ruling.

The Clark County Commission is scheduled to hear the real estate project in July but if the FAA doesn’t rule by then there could be a delay.

Milam, through Archon and the holding company LVTI, entered an option agreement for $450 million Wet ‘n Wild on the Strip. A $5 million deposit was made June 27 and the due date for the latest payment had been extended.

The Wet ‘n Wild site’s purchase price has been raised to $475 million, according to Deutsche Bank. The price is due to rising land values on the Strip; The Sahara, which borders the Wet ‘n Wild site on the north, is reportedly being sold for up to $20 million per acre to SBE Entertainment Group. MGM Mirage announced the purchase of 34 acres across the street for $17 million per acre.

Milam brought his vision for what would be the tallest building in the Western Hemisphere before the Clark County Planning Commission in late November.

The commission approved the 5,000 unit mixed-use $5 billion project. The luxury high rise tower is expected to be 739 feet taller than the Stratosphere. Source: LV Review